The Reef at King’s Dock is a 429-unit, 99-year leasehold luxury condominium development by Mapletree and Keppel Land in District 4. The condo is located along Keppel Bay and features waterfront living and scenic sea views.
Keppel Land is the property arm of the Keppel Group, one of Singapore’s largest multinational groups with key businesses in offshore and marine, property as well as infrastructure. Its portfolio include residential developments and investment-grade commercial properties. The firm is diversified in Asia, with Singapore and China as its core markets as well as Vietnam and Indonesia as its growth markets.
Project Name: Highline Residences
Address: Kim Tian Road
Site area: Approx. 118,303 sqft
Tenure: 99 years from July 2013
Configuration: 500 residential units
66 1-bedroom units (506 sqft)
95 2-bedroom units (635 / 700 sqft)
43 2-bedroom deluxe units (667 / 743 sqft)
98 3-bedroom units (883 / 904 / 915 sqft)
127 3-bedroom deluxe units (1076 / 1087 / 1109 / 1152 sqft)
24 3-bedroom Dual Key units (1,130 / 1,152 / 1,206 sqft)
33 4-bedroom deluxe units (1,292 sqft)
8 4-bedroom Dual Key units (1,227 sqft)
6 single-level penthouse units (2,174 / 2,250 / 2,260 sqft)
Maintenance fees: TBA
13 surface lots
391 basement lots
5 handicap lots
Expected TOP: December 2018
Expected legal completion: December 2021
Highline Residences is a 500-unit development located along Kim Tian Road. At time of writing (May 2016), 80% of the released 270 units have been sold. All unit types are still available, with the exception of the 1-bedders, which have been mostly already spoken for.
For interested buyers, the show flat is on site, along Kim Tian Road.
Construction is progressing and the blocks are already partially standing.
The project consists of 7 blocks of residential units ranging from four storey to 36 storeys tall.
Facilities are spread out evenly across the development, and even between the floors.
For 1-bedroom units, stack 9 is inward facing with a pool view.
Stack 15 is inward facing with a partial pool view.
For 2-bedroom units, stacks 10 and 18 are inward facing towards the pool deck and children’s playground respectively.
Stack 12 is outward facing towards Tiong Bahru Road.
For 2-bedroom deluxe units, stack 24 is outward facing but overlooks the water cascade feature and a future park.
Stack 14 is inward facing towards the pool deck.
For 3-bedroom units, stacks 13, 20 and 21 are inward facing towards the arrival plaza.
Stack 11 is outward facing towards Tiong Bahru Road.
For 3-bedroom deluxe units, stacks 8 and 16 are inward facing with a pool view.
Stacks 7 and 23 are outward facing with the former facing Tiong Bahru Road and the latter overlooking a future park.
For 4-bedroom deluxe units, there is only one stack – stack 17 – and it is inward facing towards the children’s pool.
Lastly, for 3- and 4-bedroom Dual Key units, they are all within the 4-storey blocks facing Kim Tian Road.
Stacks 3, 4 and 5 have a full pool view while stacks 25 and 26 have water features around them.
The grand pool on the first level is a great area for lounging and relaxing.
The elevated green ridge at level 5.
The cascading garden.
The indoor gym on level 12.
And, the function rooms on the 36th floor. These are perfect for hosting dinner parties.
There is also a concierge service – housekeeping, laundry, and dry cleaning among others – for residents. Should you choose to take up the lifestyle membership, you get limousine service on standby as well as exclusive club access to golf ranges.
Showflat units are available for the 1-, 2- and 3-bedroom deluxe units. Photos in this review are from the 1- and 3-bedroom deluxe units.
Cabinets with solid surface countertops and a sink with mixer are provided with the kitchen. Appliances provided in the 1-bedroom unit include a built-in oven and gas cooker hob from Bosch, a refrigerator from Smeg and a washer cum dryer from Whirlpool.
The view from the entrance of the unit. The dining area is right in front of the kitchen.
The living area is just beyond and extends to the balcony.
The view from the balcony of the 1-bedroom unit.
The bedroom can accommodate a queen bed comfortably with more than enough leg room to spare.
The bedroom has a large sliding door for privacy too.
The bathroom has a wet and dry area as per usual and fittings are from Toto. You get a rain shower too.
The view of the entire unit from the balcony.
The kitchen in the 3-bedroom deluxe unit is slightly bigger, and is to the left of the entrance.
The kitchen is connected to the utility space and water closet.
The living area is in front of the kitchen and extends to the balcony.
The space is wide enough for segregation of the living and dining areas.
The common bedrooms can accommodate a queen bed, but going with a single option frees up more space.
The common bathroom.
The master bedroom can fit a queen-sized bed with leg room to spare.
And finally, the master bathroom.
The view of the 3-bedroom unit from the balcony.
Buyers are likely to be a mix of owner-occupiers and those looking to lease. Singaporeans and permanent residents account for an estimated 92% of sales currently.
Tiong Bahru is one of the oldest housing estates in Singapore. The main estate consists of about 30 apartment blocks and also high-rise HDB flats and condominiums along Boon Tiong Road, Jalan Membina and Kim Tian Road. Lately, the place is known for its hipster culture and was even featured by Vogue magazine as one of the most hipster neighbourhoods in the world.
Getting there: Highline Residences is located along Kim Tian Road of District 3. If you’re travelling by train in the mornings, Raffles Place MRT is 3 stops away from Tiong Bahru MRT. By car, it is a 5-minute drive to town via Zion Road and Hoot Kiam Road, assuming optimal traffic conditions.
Tiong Bahru MRT is about a 5-minute walk away. From there, Dhoby Ghaut MRT is two stops down, City Hall MRT three stops and the entire Orchard Shopping Belt and CBD area four stops down.
The upcoming Havelock MRT will be a 6-minute walk away. Part of Stage 3 of the Thomson-East Coast MRT line connecting the northern regions of Singapore to the CBD and Marina Bay area, it should be ready sometime in 2021.
The estate: The area surrounding Highline Residences is mostly residential and commercial. The development is right in the middle of a stretch of road that has been earmarked by the Urban Redevelopment Authority as a key area to be preserved while also being revitalized for the future.
The nearest bus stop is the opposite Central Plaza, along Tiong Bahru Road. Between them, the services cover Pasir Ris, Bukit Merah, Bedok Reservoir, Eunos, Thomson, Simei, Marine Parade, Kent Ridge, Kallang, Geylang, Bugis, Clementi, Ubi, Aljunied, Redhill, Clarke Quay, Outram Park, Tanglin, Holland Road, Queenswat, Harbourfront, Commonwealth, Ang Mo Kio, Yishun, Orchard and the CBD area.
As for school options, there are a few nearby.
- Overseas Family School
- ISS International School
- Chatsworth International School (Orchard Campus)
Tiong Bahru Plaza is about a 5-minute walk away. Anchor tenants at the suburban mall include NTUC Fairprice Finest, Uniqlo, Rubi Shoes, Kopitiam and Golden Village Cinemas. Due to reopen in end 2016 after a $90m revamp, the mall will have new communal spaces including an open terrace and a plaza. There will be 155 shops on five storeys.
Block 18, which is directly opposite Tiong Bahru Plaza and accessible via exit A of the MRT, has a number of general and specialist clinics as well as tuition and enrichment centres.
For a quick bite, there is a food court opposite the development at Tiong Bahru View.
With the row of shophouses along Kim Tian Road, there are dining options just across the road too.
There is even a FairPrice outlet, for convenience.
If you are still not satisfied, VivoCity is a 4-minute drive away. Anchor tenants at Singapore’s largest mall include Golden Village Cinemas, VivoMart and Tangs Department Store. The mall boasts 340 stores.
Lastly, for healthcare needs, Singapore General Hospital is a 3-minute drive away.
Caveated transactions for Highline Residences at time of writing (May 2016) stands at 211. Recorded transaction prices range from $889K to $4.848M (see Chart 1).
Highline Residences’ closest competitor would be The Crest, located near Redhill MRT, along Prince Charles Crescent. Its current median price is $1,718 psf to Highline’s median of $1,817 psf. Residents at The Crest are also likely to be a good mix of owner-occupiers and tenants who like the project’s location.
Units at The Crest range from 1- to 5-bedroom units. To have a clearer picture, we will be looking at 1- and 3-bedroom units in particular, across both developments. According to caveats, Highline Residences’ 3-bedroom units have a median price of $1,746 psf while The Crest’s is $1,694 psf. Transactions for the units at Highline Residences range from $1.488M to $1.745M, and are between $1.66M and $2.419M at The Crest.
As for 1-bedroom units, Highline Residences’ have a median price of $1,897 psf and The Crest’s have a median price of $1,716 psf. Transactions for the units at Highline Residences range from $889K to $1.135M, and are between $992K and $1.463M at The Crest.
Before deciding based on these numbers alone, we should look at unit sizing as well. Units at The Crest are generally larger than at Highline Residences. 1-bedroom units are 506 sqft at Highline Residences and are between 614 sqft and 775 sqft at The Crest. 3-bedroom units are between 883 sqft and 915 sqft at Highline Residences. At The Crest, they are between 1,033 sqft and 1,335 sqft. Hence, the higher price points for units at The Crest.
Future Rental Potential
To understand what rental prices will be like for Highline Residences, we need to look at rental prices for other projects in the area.
The current median rental price for District 3 (Queenstown / Tiong Bahru) is around $3.84 psf per month at time of writing, based on rental transactions for the past 4 quarters. However, the current median rental price for non-landed properties along Kim Tian Road in particular, is around $4.67 psf per month at time of writing.
At these rates, a 3-bedroom unit around 904 sqft at Highline Residences would go for around $5,000 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $1.588M, the annual gross rental yield at the current rate would be an estimated 3.8%. The median unit size of a 3-bedroom at The Crest, on the other hand, would probably fetch around $5,300 a month at today’s rental rates. This translates to around 3% in annual gross rental yield.
A 1-bedroom unit at Highline Residences would go for around $2,800 a month and this would approximately be a 3.5% rental yield. With The Crest, you could get around $3,100 a month and this would be an estimated 3.2% in annual gross rental yield.
According to the estimated figures, rental yield for Highline Residences seems to be a bit higher. The choice of nearby amenities are quite different, with the projects being about 1.3km apart. Unit sizing also differs with units at The Crest being larger.
Overall, Highline Residences seems to be the safer bet in terms of future rental yield.
Location is Highline Residences’ biggest selling point. Situated strategically on the city fringe, the project is just minutes away from the bustling Orchard Shopping Belt and CBD area.
Easy access to major expressways like the CTE and AYE as well as proximity to Tiong Bahru MRT make it very convenient for residents – the number of rental contracts along Kim Tian Road over just the past 4 quarters is testament to this.
The only potential drawback would be that in terms of tertiary educational institutions, there aren’t any within short walking or driving distance.
Investment potential is high and this is clearly evident from the fast-selling 1-bedroom units. If you’re in the market for a unit in prime District 3, Highline Residences may be worth taking a look at.